The Government Of Malaysia Still Undecided On Legalizing Cryptocurrency

The Government in Malaysia still hasn’t decided whether or not to legalize cryptocurrency in today’s crypto news we are trying to find why this is the case.

Other neighboring nations such as Thailand, Hong Kong, and Singapore are working hard to provide the right regulation for their crypto markets, Malaysia is falling behind. The country is one of the very few nations that still don’t have a clear stance on digital currency and no one knows whether a decision will be made in the near future.

The Minister of the Federal Territories Khalid Abdul Samad confirmed this issue when he was attending a charity event in Kuala Lumpur where he said that the government is still unsure in which direction to go in regards to legalizing cryptocurrency. He said:

‘’People have asked me if these (cryptocurrency and digital currency) currencies are legal or illegal. At the moment, the answer is neither legal nor illegal as the situation is still unclear. Yes, I was involved in the launch of Harapan Coin. However, I was not appointed as finance minister. Instead, I became federal territories minister.’’

Because of the government’s indecision, the country is falling behind other major financial players in SE-Asia. Thailand was also very slow into delivering a regulatory framework but it’s currently running full speed with the Thai SEC issuing licenses daily.

Singapore and Hong Kong are working on their regulatory measures with great speed as well. Samad even told the local Malaysian media:

‘’As the matter is not under my jurisdiction, I cannot push too much.’’

Samad is one of the biggest supporters of integrating cryptocurrency into the country and has tried to convince the Prime Minister and Bank Negara Malaysia to use the Harapan Coin for governmental transactions but without result.

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